Dragonfly Energy Announces Third Quarter 2025 Select Preliminary Results

Rhea-AI Summary

Dragonfly Energy (Nasdaq: DFLI) reported preliminary third quarter 2025 results with Net Sales of $16.0 million and Adjusted EBITDA of $(2.2) million.

Net Sales exceeded guidance of $15.9 million and reflect 26% year-over-year growth. Adjusted EBITDA also exceeded guidance of $(2.7) million, representing an approximately $3.3 million reduction in Adjusted EBITDA loss versus the prior period. Results remain preliminary and are subject to finalization in the Company’s Form 10-Q for the quarter ended September 30, 2025.

Positive

• Net Sales $16.0 million in Q3 2025
• Net Sales growth of 26% year-over-year
• Adjusted EBITDA loss improved by $3.3 million versus prior period
• Results beat guidance for Net Sales and Adjusted EBITDA

Negative

• Adjusted EBITDA remains a loss of $(2.2) million
• Preliminary results subject to finalization and potential material adjustments

Insights

Corporate Financial Analyst

Preliminary Q3 shows revenue growth and narrower EBITDA loss versus guidance; improvement but not yet profitable.

Dragonfly Energy reported preliminary third quarter Net Sales of $16.0 million, a 26% year-over-year increase, and Adjusted EBITDA of $(2.2) million, an improvement of about $3.3 million versus prior year guidance. Beating both Net Sales and Adjusted EBITDA guidance suggests execution on near-term revenue initiatives and cost actions that compressed losses this quarter.

Key dependencies and risks remain: these figures are preliminary and subject to final audit and Form 10-Q adjustments, and Adjusted EBITDA remains negative, so the company has not yet reached operating profitability. The recent equity raise mentioned improves liquidity but does not guarantee sustained margin recovery.

Watch for the finalized numbers in the Form 10-Q on or before the management webcast on November 14th, and monitor whether final GAAP reconciliations materially change Net Sales or Adjusted EBITDA. Near-term horizon: next 30–60 days for the filing and 30 days for the webcast commentary.

Preliminary Third Quarter Net Sales and Adjusted EBITDA Exceeded our Guidance

Preliminary Third Quarter Net Sales Represent 26% Year over Year Growth

RENO, Nev., Oct. 13, 2025 (GLOBE NEWSWIRE) -- Dragonfly Energy Holdings Corp. (“Dragonfly Energy” or the “Company”) (Nasdaq: DFLI), an industry leader in energy storage and battery technology, today announced preliminary third quarter 2025 Net Sales and Adjusted EBITDA.

The Company anticipates third quarter 2025 Net Sales of $16.0 million and Adjusted EBITDA of $(2.2) million, above guidance of $15.9 million for Net Sales and above guidance of $(2.7) million for Adjusted EBITDA. Anticipated results represent 26% year-over-year growth in Net Sales and an approximately $3.3 million reduction in Adjusted EBITDA loss.

“Preliminary third quarter Net Sales and Adjusted EBITDA exceeded our guidance, marking another quarter of year-over-year Net Sales growth and Adjusted EBITDA improvement,” commented Dr. Denis Phares, Chief Executive Officer. “These results underscore our continued focus on driving near-term revenue growth and executing strategic actions, including a recent equity raise, that we believe enhance our financial flexibility and have the potential to position us for sustained net sales growth and profitability.”

Adjusted EBITDA is a non-GAAP measure and should be considered only as supplemental to, and not as superior to, financial measures prepared in accordance with United States generally accepted accounting principles (“GAAP”). Please refer to the reconciliation of Adjusted EBITDA to its nearest GAAP measure in this release.

The third quarter 2025 Net Sales and Adjusted EBITDA are preliminary and are subject to finalization and adjustment in connection with the preparation of the Company’s Quarterly Report on Form 10-Q for the three months ended September 30, 2025.  The preliminary financial results included in this press release have been prepared by, and are the responsibility of, our management. During the course of the preparation of our financial statements and related notes as of and for the three months ended September 30, 2025, we may identify items that would require us to make material adjustments to the preliminary financial results presented herein. As a result, investors should exercise caution in relying on this information and should not draw any inferences from this information. This preliminary financial information should not be viewed as a substitute for full financial statements prepared in accordance with GAAP and reviewed by our independent registered public accounting firm.

Third Quarter 2025 Webcast Information

The Dragonfly Energy management team will host a conference call to discuss its third quarter 2025 financial and operational results on Friday, November 14^th at 4:30 PM Eastern Time. The call can be accessed live via webcast by clicking here, or through the Events and Presentations page within the Investor Relations section of Dragonfly Energy’s website at https://investors.dragonflyenergy.com/events-and-presentations/default.aspx. The call can also be accessed live via telephone by dialing (646) 564-2877, toll-free in North America (800) 549-8228, or for international callers +1 (289) 819-1520, and referencing conference ID: 68465. Please log in to the webcast or dial in to the call at least 10 minutes prior to the start of the event.

An archive of the webcast will be available for a period of time shortly after the call on the Events and Presentations page on the Investor Relations section of Dragonfly Energy’s website, along with the earnings press release.

About Dragonfly Energy

Dragonfly Energy Holdings Corp. (Nasdaq: DFLI) is a comprehensive lithium battery technology company, specializing in cell manufacturing, battery pack assembly, and full system integration. Through its renowned Battle Born Batteries® brand, Dragonfly Energy has established itself as a frontrunner in the lithium battery industry, with hundreds of thousands of reliable battery packs deployed in the field through top-tier OEMs and a diverse retail customer base. At the forefront of domestic lithium battery cell production, Dragonfly Energy’s patented dry electrode manufacturing process can deliver chemistry-agnostic power solutions for a broad spectrum of applications, including energy storage systems, electric vehicles, and consumer electronics. The Company's overarching mission is the future deployment of its proprietary, nonflammable, all-solid-state battery cells.

To learn more about Dragonfly Energy and its commitment to clean energy advancements, visit investors.dragonflyenergy.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical statements of fact and statements regarding the Company’s intent, belief or expectations, including, but not limited to, statements regarding the Company’s guidance for third quarter 2025 preliminary Net Sales and Adjusted EBITDA, results of operations and financial position, planned products and services, business strategy and plans, market size and growth opportunities, competitive position and technological and market trends. Some of these forward-looking statements can be identified by the use of forward-looking words, including “may,” “should,” “expect,” “intend,” “will,” “estimate,” “anticipate,” “believe,” “predict,” “plan,” “targets,” “projects,” “could,” “would,” “continue,” “forecast” or the negatives of these terms or variations of them or similar expressions.

These forward-looking statements are subject to risks, uncertainties, and other factors (some of which are beyond the Company’s control) which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Factors that may impact such forward-looking statements include, but are not limited to: the closing of the offerings, the use of proceeds from the offerings, the ability to successfully achieve the thresholds for the additional funding from the offerings, the impact of the offering and the conversion and sale of the shares of common stock underlying the preferred stock on the Company’s stock price, improved recovery in the Company’s core markets, including the RV market; the Company’s ability to successfully increase market penetration into target markets; the Company’s ability to penetrate the heavy-duty trucking and other new markets; the growth of the addressable markets that the Company intends to target; the Company’s ability to retain members of its senior management team and other key personnel; the Company’s ability to maintain relationships with key suppliers including suppliers in China; the Company’s ability to maintain relationships with key customers the Company’s ability to protect its patents and other intellectual property; the Company’s ability to successfully utilize its patented dry electrode battery manufacturing process and optimize solid state cells as well as to produce commercially viable solid state cells in a timely manner or at all, and to scale to mass production; the Company’s ability to timely achieve the anticipated benefits of its licensing arrangement with Stryten Energy LLC; the Company’s ability to achieve the anticipated benefits of its customer arrangements with THOR Industries and THOR Industries’ affiliated brands (including Keystone RV Company); the Company’s ability to maintain the listing of its common stock and public warrants on the Nasdaq Capital Market; the Russian/Ukrainian conflict; the Company’s ability to generate revenue from future product sales and its ability to achieve and maintain profitability; and the Company’s ability to compete with other manufacturers in the industry and its ability to engage target customers and successfully convert these customers into meaningful orders in the future. These and other risks and uncertainties are described more fully in the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC and in the Company’s subsequent filings with the SEC available at www.sec.gov.

If any of these risks materialize or any of the Company’s assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that the Company presently does not know or that it currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. All forward-looking statements contained in this press release speak only as of the date they were made. Except to the extent required by law, the Company undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made.

Use of Non-GAAP Financial Measures

The Company provides non-GAAP financial measures including EBITDA and Adjusted EBITDA as a supplement to GAAP financial information to enhance the overall understanding of the Company’s financial performance and to assist investors in evaluating the Company’s results of operations, period over period. Adjusted non-GAAP measures exclude significant unusual items. Investors should consider these non-GAAP measures as a supplement to, and not a substitute for financial information prepared on a GAAP basis.

Adjusted EBITDA

Adjusted EBITDA is considered a non-GAAP financial measure under the rules of the SEC because it excludes certain amounts included in net loss calculated in accordance with GAAP. Specifically, the Company calculates Adjusted EBITDA by EBITDA adjusted to exclude stock-based compensation expense and changes in fair market value of warrant liabilities.

The Company has included Adjusted EBITDA because it is a key measure used by Dragonfly’s management team to evaluate its operating performance, generate future operating plans, and make strategic decisions, including those relating to operating expenses. As such, the Company believes Adjusted EBITDA is helpful in highlighting trends in the ongoing core operating results of the business.

Adjusted EBITDA has limitations as an analytical tool, and it should not be considered in isolation or as a substitute for analysis of net loss or other results as reported under GAAP. Some of these limitations are:

	●	Adjusted EBITDA does not reflect the Company’s cash expenditures, future requirements for capital expenditures, or contractual commitments;
	●	Adjusted EBITDA does not reflect changes in, or cash requirements for, the Company’s working capital needs;
	●	Adjusted EBITDA does not reflect the Company’s tax expense or the cash requirements to pay taxes;
	●	although amortization and depreciation are non-cash charges, the assets being amortized and depreciated will often have to be replaced in the future and Adjusted EBITDA does not reflect any cash requirements for such replacements;
	●	Adjusted EBITDA should not be construed as an inference that the Company’s future results will be unaffected by unusual or non-recurring items for which the Company may adjust in historical periods; and
	●	other companies in the industry may calculate Adjusted EBITDA differently than the Company does, limiting its usefulness as a comparative measure.

Reconciliations of Non-GAAP Financial Measures

EBITDA and Adjusted EBITDA

The following table presents reconciliations of EBITDA and Adjusted EBITDA to the most directly comparable GAAP financial measure for each of the periods indicated.

Dragonfly Energy Holdings Corp.
Reconciliation of GAAP to Non-GAAP Measures (Unaudited)
(U.S. Dollars in Thousands)
				Three Months Ended
				Sep 30,				Sep 30,
					2025				2024
EBITDA Calculation
Net (Loss) Income Before Taxes				$	(11,089	)		$	(6,779	)
	Interest Expense				6,409				5,615
	Depreciation and Amortization				502				327
EBITDA				$	(4,178	)		$	(837	)
Adjustments to EBITDA
	Stock - Based Compensation				168				256
	Separation Agreement Expense				35				-
	Lease Impairment				555				-
	Preferred Stock Financing expenses				13				-
	Debt Restructure Expense				354				-
	Change in fair market value of warrant liability				883				(4,875	)
Adjusted EBITDA				$	(2,170	)		$	(5,456	)

Investor Relations:
Eric Prouty
Szymon Serowiecki
AdvisIRy Partners
DragonflyIR@advisiry.com 

FAQ

What were Dragonfly Energy (DFLI) preliminary Q3 2025 Net Sales and Adjusted EBITDA?

Preliminary Q3 2025 Net Sales were $16.0 million and Adjusted EBITDA was $(2.2) million.

How did DFLI Q3 2025 Net Sales compare to guidance?

Net Sales of $16.0 million exceeded guidance of $15.9 million.

What was the year-over-year Net Sales change for DFLI in Q3 2025?

DFLI reported Net Sales growth of 26% year-over-year in Q3 2025.

When will Dragonfly Energy discuss Q3 2025 results and how can investors listen?

The company will host a webcast and conference call on November 14, 2025 at 4:30 PM ET, accessible via its Investor Relations events page and dial-in numbers.

Are the Q3 2025 financial results final for DFLI?

No. The results are preliminary and subject to finalization in the Form 10-Q for the quarter ended September 30, 2025.